51
Payments Regulation in Asia
doubled from 2018 to 2019 (Figure 18). 134 That growth continued throughout the COVID-19 pandemic and, by 2022, digital wallets represented nearly one in five dollars spent online. 135 While digital wallet growth in ecommerce appeared rapid but consistent after 2018, digital wallets in the POS environment grew at a sharp clip, rising from just 1% of POS spending in 2020 to 10% by 2022. 136 By some estimates, Japan digital wallet adoption has grown by 20% in just one quarter of 2022, with Japanese consumers showing preference for Fintech wallets, defined as wallets native to a specific geographical area. 137
0% 10% 20% 30% 40% 50% 60% 70%
Account-to-account (A2A) Buy now pay later (BNPL) Cash on Delivery (CoD)
Credit card Debit card Digital wallet Others PostPay Prepaid card
2017
2018
2019
2020
2021
2022
Figure 18. Japan Ecommerce Payments Mix (2017-2022) 138
134
Ibid
135
Ibid
136
Ibid
137
https://www.pymnts.com/wp-content/uploads/2022/12/PYMNTS-How-The-World-Does-Digital-De-
cember-2022.pdf 138
WorldPay-FIS Global Payments Report (2018-2023)
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